Bill > A03625

This bill introduces a new "speculation tax" on real property transfers in New York City that occur within two years of a previous property transfer. The tax aims to discourage quick property resales and is structured with a sliding scale: 20% tax for transfers less than one year after the prior conveyance, and 15% for transfers between one and two years after the prior conveyance. The bill includes several important definitions, such as "family member" and "principal place of residence," and provides numerous exemptions from the tax. These exemptions include transfers to family members, properties conveyed after an owner's death, new housing developments, properties with no increase in value, properties transferred due to mortgage foreclosure, and cases of demonstrated financial hardship. The revenues generated from this tax will be deposited into a special account and used by New York state for affordable housing programs in cities with populations of one million or more. The law would exclude business entities, trusts, and other commercial organizations from qualifying for exemptions, focusing instead on individual property owners. The bill will take effect 90 days after becoming law and will apply to property conveyances occurring on or after that date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3625